Yara reports increasing fertilizer sales volumes
(Thomson Reuters ONE) - Oslo (2009-10-20): Yara International ASA reports increasing salesvolumes for main fertilizer products except NPK, but fertilizermargins are substantially down from last year. Net interest-bearingdebt continued to decrease, primarily reflecting lower operatingcapital.Yara reports third-quarter net income after minority interest of NOK349 million (NOK 1.21 per share), compared with NOK 3,175 million(NOK 10.91 per share) last year. Excluding net foreign exchange gainsand special items, the result was approximately NOK 0.46 per sharecompared with NOK 14.71 per share in third quarter 2008. EBITDA forthe quarter was NOK 860 million compared with NOK 6,089 million inthird quarter 2008."Our third-quarter results were non-satisfactory, mainly due to NPKsales being hampered by high potash prices. However, fertilizer salesare picking up as pipeline effects come to an end and food demandgrowth remains robust. Farmers are increasing fertilizer purchases,but deliveries in Europe and North-America continue to be subdued bydistributers still unwilling to build inventories for the springapplication. With a cost position supported by lower gas costs inEurope, Yara has been able to take market share by running allavailable straight nitrogen fertilizer capacity", said Jørgen OleHaslestad, President and Chief Executive Officer of Yara."NPK demand is expected to normalize when potash prices adjust tomore sustainable levels. Until this happens, Yara will continue tocurtail NPK capacity. We continued to reduce debt in the thirdquarter through further NOK 3 billion reductions in operatingcapital", said Jørgen Ole Haslestad.Third-quarter fertilizer deliveries were up 10% on last year.European fertilizer sales increased for all main product groupsexcept NPK. Volumes outside Europe were up 27% primarily in Braziland North America. Industrial margins improved strongly compared withthird quarter 2008, reflecting strong commercial management andcontract lag benefits. European oil and gas costs decreased in linewith Yara's second quarter guidance, reflecting lower oil-linked andhub gas prices and Yara's decision to continue maximizing spotexposure in its energy contracts.Going forward, Yara will benefit further from lower European energycosts, estimated to be NOK 1.2 billion lower in fourth quartercompared with last year.Link to 3rd quarter webcast 20 October at 0930 CEThttp://media01.smartcom.no/Microsite/start.aspx?eventid=4632ContactTorgeir Kvidal, Investor RelationsTelephone (+47) 24 15 72 95Cellular (+47) 91 33 98 32E-mail torgeir.kvidal(at)yara.comAsle Skredderberget, Media RelationsCellular (+47) 41 44 36 10E-mail asle.skredderberget(at)yara.comYara International ASA is the world's leading chemical company thatconverts energy, natural minerals and nitrogen from the air intoessential products for farmers and industrial customers. As thenumber one global supplier of mineral fertilizers, we help providefood for a growing world population. Our industrial product portfolioincludes environmental protection agents that prevent air pollution.Yara's global workforce of 8000 employees represents the greatdiversity and knowledge that enables Yara to remain a leadingperformer in the industry.www.yara.comhttp://hugin.info/134793/R/1348516/324575.pdfhttp://hugin.info/134793/R/1348516/324582.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 20.10.2009 - 08:01 Uhr
Sprache: Deutsch
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